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EIB to loan $70 million for Las Pailas expansion, Costa Rica

The European Investment Bank will loan $70 million for the 20 MW extension of the Las Paillas geothermal power plant in the north-west of Costa Rica.

Reported last week, the European Investment Bank (EIB) is to loan $70 million for the extension of the Las Pailas geothermal power plant in Costa Rica.

The Las Pailas extension (Pailas 2 project) will increase its capacity to 55 MW with the extension of production at the existing steamfield. The overall cost for the Paillas 1 and 2 projects has an estimated total investment cost of $350 million. The plant is located in the north-west of Costa Rica. It currently has an installed capacity of 35 MW that started operation in July 2011. The plant was built by Ormat.

This was announced by the President of EIB, Werner Hoyer, at a recent visit to a hydro dam also financed by EIB.

EIB has worked with the national power company of Costa Rica, ICE for the past 20 years and the loan will now help increase its capacity by 20 MW.

“The importance of building on past experience to ensure the continued effective contribution of the EIB to long-term investment and successful project implementation across a range of sectors, including energy, transport and social infrastructure, were priorities agreed between during a meeting with Costa Rican President Laura Chinchilla and President Hoyer.”